Barclays Unit Sued for $2.4 Million by Ex-Global Finance Chair
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Details of Jon Pratt’s claim in H.K. labor tribunal filing
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Pratt reported in January to have exited amid global job cuts
Barclays Plc’s Asia unit is being sued for HK$18.9 million ($2.4 million) by former Asia Pacific Global Finance Chairman Jon Pratt, money he alleges he was owed when he exited the firm, according to his claim filed in Hong Kong’s labor tribunal in March.
The claim alleges the money he’s owed includes unvested deferred compensation from 2012 to 2015 of HK$11.7 million and a discretionary incentive award of HK$6.5 million, the document shows. The case against Barclays Capital Asia Ltd. has since gone to the High Court of Hong Kong, a check of court documents showed.
A Barclays spokesman, Jon Laycock, declined to comment. Calls and text messages to Pratt’s mobile phone were not returned.
Pratt left the bank as part of global job cuts, according to people familiar with the matter, Bloomberg reported on Jan. 21. He’d been promoted in 2015 to the newly created roles of head of banking in Hong Kong and chairman of global finance in Asia-Pacific.
Source: Bloomberg
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